Richard Werner beskriver varför banklån är en överlägsen typ av finansiering:
It has become established practice to refer to bank loans as ‘indirect finance’ and borrowing from the capital markets as ‘direct finance’. These labels are based on the erroneous definition of banks as mere financial intermediaries. However, banks and capital markets are different in one crucial aspect: when banks lend, new purchasing power is created that did not exist before. When firms raise money in the capital markets, no new money is created. It merely represents a diversion of already existing purchasing power. Thus labels of bank lending as ‘indirect finance’ and capital markets as ‘direct finance’ are at best misleading. If anything, from a macroeconomic viewpoint, bank lending should instead be referred to as ‘direct finance’, since firms receive money directly from the creator of purchasing power. Borrowing money in the capital markets is a round-about and indirect way of receiving money, since it was originally created by the banks or the central bank and only diverted via capital markets.
Banker finansierar lån genom att skapa nya pengar. Lån som ges på kapitalmarknaden tar av redan skapad penningmängd vilket betyder att långivaren måste först tjäna ihop summan som den lånar ut.
- Banklån: nya pengar skapas
- Lån på kapitalmarknaden: använder redan skapad penningmängd, inga nya pengar skapas